The group has announced that a prominent defence order that had been expected to occur in FY25, has now been temporarily delayed. As such, it is now expected to fall outside the current year and FY25 is now expected to be materially below existing expectations. We remove the expected effect of this order and therefore downgrade our FY25 EPS forecast by 58% to 5.5p and FY26 EPS down 48% to 7.9p. We reduce our TP from 324p to 180p to reflect the reduction in EPS. The shares have already weakened o ....
